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2023

Prestressed Concrete (PC) Wire and Strand Market

Prestressed Concrete (PC) Wire and Strand Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (3 wire strand, 7 wire strand, Other), by Application (Pre-tensioning, Bonded post-tensioning, Unbonded post-tensioning), by End user industry (Building construction, Infrastructure): Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: Saurabh Vijay Samel | Sonia Mutreja
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Prestressed Concrete (PC) Wire And Strand Market Research, 2032

The global prestressed concrete (PC) wire and strand market size was valued at $5.2 billion in 2022, and is projected to reach $9.1 billion by 2032, growing at a CAGR of 5.6% from 2023 to 2032. Prestressed concrete (PC) wire and strand are used in the construction industry to reinforce and strengthen concrete structures. PC strands are formed by intertwining high-strength steel wires together. These wires are pre-tensioned or post-tensioned within the concrete component to counterbalance the tensile forces that the structure may encounter. PC strands offer superior strength and increased load-bearing capacity compared to prestressed concrete wire and hence they are used in larger-scale applications like bridges, beams, and slabs.

Prestressed Concrete (PC) Wire and Strand Market

Prestressed concrete has exceptional strength, durability, and versatility, and its adoption in construction projects enables quick completion of the project, and also leads to reduced maintenance expenses, and extended infrastructure lifespan. In addition, the ability of prestressed concrete to span longer distances without intermediate support is a significant feature, making it suitable for bridges, auditoriums, and others. Thus, increase in rate of infrastructure developments across the world is expected to positively influence the prestressed concrete (PC) wire and strands market.

There has been an increase in the rate of infrastructure development such as bridges, tunnels, vertical parking lots, and others in developing countries such as India, China, Vietnam, Brazil, South Africa, and others owing to rapid urbanization, increase in population, and growth in economy in these countries. As per projections by the UN, the global population is expected to grow from 8 billion in 2023 to approximately 9.7 billion by 2050. Notably, Asia and Africa are expected to contribute considerable toward the growth of global population and the ongoing urbanization.

The increased urban population requires various infrastructures for comfortable and quick movement across the country. In addition to this constructing an unobstructed and quick medium of transportation for goods is also essential for the economic development of a country. Thus, developing economies are investing heavily in the construction of roads, bridges, and others. For instance, the Indian railways is constructing thousands of kilometers of dedicated freight corridor railway line for the transportation of goods throughout the country by connecting major cities of India. Moreover, in January 2023, the Chinese government initiated the construction of the Husong High-speed Road project. This road will link Songjiang and Hongqiao International Airport and Hongqiao Railway Station and is expected to be completed by 2027.

Prestressed concrete (PC) wire and strands are also used in residential, commercial, and industrial buildings, such as auditoriums, parking lots, warehouses, and other spaces having longer ceiling span. For instance, in October 2021, an agreement between the governments of Dubai and India was formulated to develop various infrastructures such as a medical college, industrial parks, multipurpose towers, logistics centers, and a specialized hospital in the state of Jammu & Kashmir, India.

Market Dynamics

The prestressed concrete (PC) wire and strand market is primarily driven by urbanization and population growth. In addition, rapid expansion and growth of infrastructure industry in developing economies also boost the growth of the market.

However, fluctuating cost of raw materials used for making prestressed concrete (PC) wire and strand is expected to restrain the market growth. Fluctuations in the prices of raw materials can affect the sales of the prestressed concrete (PC) wire and strand market. Even if the manufacturer does not increase the price, the fluctuating raw material prices are expected to affect the profitability of the company involved in making prestressed concrete (PC) wire and strand and their components.

Adoption of new manufacturing technologies as well as new materials for the production of prestressed concrete (PC) wire and strand industry are among a few of the prestressed concrete (PC) wire and strand market opportunities for the growth of the key market players. For example, advancements in metallurgy and material science have led to the development of high-strength materials such as carbon steel, alloy steel, and stainless steel, which is replacing the traditionally used PC wire and strand, which were made from low-carbon steel.

The prestressed concrete (PC) wire and strand market is witnessing various obstructions in its regular operations due to the COVID-19 pandemic and inflation. Earlier, the lockdowns resulted in reduced industrial and construction activities, eventually leading to reduced demand for prestressed concrete (PC) wire and strand from construction sector. However, COVID-19 has subsided, and the major manufacturers in 2023 are performing well. Contrarily, the surge in global inflation is a new major obstructing factor for the entire industry. The inflation, which is a direct result of the Ukraine-Russia war, and a few long-term impacts of the coronavirus pandemic, has introduced volatility in the prices of raw materials used for manufacturing prestressed concrete (PC) wire and strand. In addition, there is an increase in the cost of oil & gas and construction materials, and many countries; especially, the countries in Europe, Latin America, North America, and sub-Saharan Africa are experiencing severe negative impacts in industrial production, including the production of prestressed concrete (PC) wire and strand. However, India and China are performing relatively well. In addition, inflation is expected to worsen in the coming years, as the possibility of the ending the war between Ukraine and Russia is less. Moreover, the cost of construction has increased substantially, discouraging builders from initiating new projects, which is expected to negatively affect the prestressed concrete (PC) wire and strand market growth.

Segmental Overview

The prestressed concrete (PC) wire and strand market is segmented on the basis of type, application, end-user, and region. By type, the market is divided into 3 wire strand, 7 wire strand, and others. By application, the market is categorized into pre-tensioning, bonded post-tensioning, and unbonded post-tensioning. By end user, the market is bifurcated into building construction, and infrastructure. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Prestressed Concrete (PC) Wire and Strand Market by Type

By type: The prestressed concrete (PC) wire and strand market is divided into 3 wire strand, 7 wire strand, and others. In 2022, the 7 wire strand segment dominated the prestressed concrete (PC) wire and strand market share, in terms of revenue, and the 3 wire strand segment is expected to grow with a higher CAGR during the forecast period. A 7-wire PC strand is a strong, and flexible concrete reinforcing strand are used for heavy-duty applications bridges, railway sleepers, high-rise buildings, and others. Thus, a surge in the number of these projects is driving the growth of this segment. On the other hand, the reason behind the higher CAGR of 3 wire strand segment is its wide-scale application in rapidly growing offsite construction projects where concrete elements such as precast beams, columns, and slabs are constructed in a factory, and are transported to the construction site

Prestressed Concrete (PC) Wire and Strand Market by Application

By application: The prestressed concrete (PC) wire and strand market is divided into pre-tensioning, bonded post-tensioning, and unbonded post-tensioning. In 2022, the pre-tensioning segment dominated the prestressed concrete (PC) wire and strand market, in terms of revenue, and the bonded post-tensioning is expected to witness growth at a higher CAGR during the forecast period. The maintenance and repair of bonded post-tensioned concrete elements is relatively easy, as there is clear access to the strands for any repair work in the grouted ducts. In addition, it allows engineers precisely adjust the tensioning of the strand after analyzing the real data post the concrete curation. Moroever, pre-tensioning is a relatively easy and cheaper option for constructing a prestressed concrete member.

By end user: The prestressed concrete (PC) wire and strand market is divided into building construction, and infrastructure. The infrastructure segment accounted for a higher market share in 2022. This is attributed to infrastructural development such as the construction of bridges, airports, elevated roads, and ports. On the other hand, the building construction segment is expected to grow with a higher CAGR during the forecast period. A greater demographic shift from rural to urban areas can be witnessed, largely due to improving economic conditions of households. This increase in urban population creates opportunities for the construction of new residential and commercial buildings.

Prestressed Concrete (PC) Wire and Strand Market by Region

By region: Asia-Pacific accounted for the highest market share in 2022 and LAMEA is expected to grow with a higher CAGR throughout the projected period. The expansion of the prestressed concrete (PC) wire and strand market in Asia-Pacific is attributable to rapid economic and population growth, in countries such as China, India, Vietnam, and Indonesia, which eventually is expected to drive demand in the construction sector. In Latin America, countries such as Brazil, Chile, and Colombia are witnessing rapid economic and population growth. For instance, the population of Brazil is growing at a considerable rate of 0.7%, which is expected to drive growth in the building construction sector in the country. For instance, the construction of Raizes VM Residential Complex, and Haus Mitre Plato Ipiranga Residential Complex, commenced in the Q4 of 2021. Furthermore, countries in the Middle East such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates have highly developed construction industry which incorporates unconventional and new construction technique including the use of prestressed concrete (PC) wire and strand

Competition Analysis

Competitive analysis and profiles of the major players in the prestressed concrete (PC) wire and strand market are provided in the report. Major companies profiled in the report include ArcelorMittal, Bekaert NV, Insteel Industries, Inc., Davis Wire Industries Ltd., Kataria Group, Miki Steel Works Pvt. Ltd., KISWIRE LTD, Tata Steel Limited, TMG Global Pte Ltd., and Sumitomo Electric Industries, Ltd. (Sumiden Wire). Major players to remain competitive develop innovative prestressed concrete (PC) wire and strand, that are strong, durable, reliable, and easy to maintain.

Key Benefits for Stakeholders

  • The report provides an extensive analysis of the current and emerging prestressed concrete (PC) wire and strand market trends and dynamics. 
  • In-depth prestressed concrete (PC) wire and strand market analysis is conducted by constructing market estimations for key market segments between 2022 and 2032.
  • Extensive analysis of the prestressed concrete (PC) wire and strand market is conducted by following key product positioning and monitoring of top competitors within the market framework.
  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
  • The prestressed concrete (PC) wire and strand market forecast analysis from 2023 to 2032 is included in the report.
  • The key players within the prestressed concrete (PC) wire and strand market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the prestressed concrete (PC) wire and strand industry.

Prestressed Concrete (PC) Wire and Strand Market Report Highlights

Aspects Details
Market Size By 2032
Market Size By 2032

USD 9.1 billion

Growth Rate
Growth Rate

CAGR of 5.6%

Forecast period
Forecast period

2022 - 2032

Report Pages
Report Pages

243

Prestressed Concrete (PC) Wire and Strand Market By Type
By Type
  • Other
  • 3 wire strand
  • 7 wire strand
Prestressed Concrete (PC) Wire and Strand Market By Application
By Application
  • Pre-tensioning
  • Bonded post-tensioning
  • Unbonded post-tensioning
Prestressed Concrete (PC) Wire and Strand Market By End user industry
By End user industry
  • Building construction
  • Infrastructure
Prestressed Concrete (PC) Wire and Strand Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players
Key Market Players

Miki Steel Works Pvt. Ltd., NV Bekaert SA, TMG Global Pte Ltd., ArcelorMittal, Kataria Group, Tata Steel Limited, Kiswire Co Ltd., Davis Wire Industries Ltd., Sumitomo Electric Industries, Ltd. (Sumiden Wire), Insteel Industries, Inc.

Analyst Review

The prestressed concrete (PC) wire and strand market has witnessed significant growth in the past few years owing to an increase in the number of buildings, a rise in infrastructure projects, and various advantages of prestressed concrete which makes it superior to other construction techniques.

Prestressed concrete allows for a longer span of construction, eliminating the need for frequent subsequent support. Moreover, in prestressed concrete, the amount of steel rebar, and concrete as well as the man hours required for the construction can be reduced; thus, reducing the overall cost of construction by 10%–20%. In addition, the construction cycle can be made shorter using the prestressed concrete construction technique. This is mainly due to less time and labor wasted on material handling, availability of simpler slab soffit–less beams, and quicker removal of temporary support or the shoring that offers early access to lower slabs.

The abovementioned advantages attracts many builders; however, the added complexity in the construction process limits its use to the contractors with skilled workforce. The local and small contractors tend to stay away from the complexities in the construction process. In addition, many builders are unaware of this construction technique.

Author Name(s) : Saurabh Vijay Samel | Sonia Mutreja
Frequently Asked Questions?

The global prestressed concrete (PC) wire and strand market is witnessing a rapid growth mainly owing to rapid growth of infrastructure industry in developing economies, advantages of prestressed concrete, and increase in urbanization and population growth.

Prestressed concrete (PC) wire and strand are commonly employed in the construction of prestressed concrete structures. These wires and strands enhance the strength and longevity of concrete components with long spans.

Asia-Pacific is the largest regional market for Prestressed Concrete (PC) Wire and Strand.

The global prestressed concrete (PC) wire and strand market was valued at $5,213.5 million in 2022.

Major companies in the report include ArcelorMittal, Bekaert NV, Insteel Industries, Inc., Davis Wire Industries Ltd., Kataria Group, Miki Steel Works Pvt. Ltd., KISWIRE LTD, Tata Steel Limited, TMG Global Pte Ltd., and Sumitomo Electric Industries, Ltd. (Sumiden Wire).

The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

The global prestressed concrete (PC) wire and strand market is projected to reach $9,085.1 million by 2032, registering a CAGR of 5.6% from 2023 to 2032.

The other segment under by type, includes 2-wire and 19-wire strands. These PC strands are less preferred, as the 2-wire strand is used for very light applications, and the 19-wire strands are used for very heavy-duty applications.

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Prestressed Concrete (PC) Wire and Strand Market

Global Opportunity Analysis and Industry Forecast, 2023-2032